T+1 Operations Working Group (OWG)

Overview

The Operations Working Group (OWG) has been mandated to identify all operational issues/obstacles related to Canada’s move from a securities settlement period of two days (T+2) to one day (T+1).

The Canadian T+1 initiative is being coordinated in concert with the United States.  The joint Canadian-American implementation date is targeted for the first half of 2024.

Composition

The OWG membership is open to individuals representing firms and organizations with an interest in the T+1 initiative.  These firms and organizations include the buy-side, custodians, sell-side, service providers, industry utilities, self-regulatory organizations, and regulatory bodies.  New members may join the OWG at any point.

Reporting Structure

The OWG reports to the CCMA T+1 Steering Committee (T1SC) via the OWG Co-Chairs.

Responsibilities

The OWG will:

• identify, describe and document all operational issues including systems, processes and procedures related to the move to T+1;
• achieve industry consensus on proposed solutions, action plans and timelines for all open issues, including the determination of testing criteria/requirements;
• assign responsibility for issues;
• provide ongoing communication to the T1SC, tracking issues through to completion; and
• provide additional guidance, direction, and support for T+1 operational issues as requested by the T1SC.

• Identify if sub-working groups will be required for specific issues

 

Governance

Meetings will be called by the Co-Chairs.  Notices calling meetings and agendas will be sent to all OWG members.  Meetings will be minuted and attendance recorded.  Meeting minutes will be tabled with the OWG for approval.  There is no set minimum quorum requirement for meetings.  All recommendations will be forwarded to the T1SC for final approval. Minutes, decisions and issue logs of the OWG may be posted on the CCMA website.